Question 1

What Are The First Steps To Take If I Realize I Cannot Afford My Mortgage Payments?

Accepted Answer

First, take a breath. Stress and panic can cloud your judgment. Double-check your finances to confirm if the situation is as dire as it feels. If it is, don’t hesitate—call an attorney experienced in foreclosure and bankruptcy law. There are solutions available, and a knowledgeable attorney will help you identify the best option tailored to your situation.

Question 2

Are There Any Government Programs In Maryland To Help Homeowners In Distress?

Accepted Answer

Unfortunately, Maryland’s Homeowner Assistance Fund, which provided up to $60,000 in combined grants and loans, is no longer active. While new programs may emerge or federal assistance could be available, these can change quickly. Your best bet is to consult with a local attorney who stays current with these developments. Relying solely on what you find online might leave you with outdated information.

Question 3

Can I Sell My Home To Avoid Foreclosure In Maryland?

Accepted Answer

Yes, selling your home is an option and can be a powerful way to avoid foreclosure. Under Maryland law, you need to pay your lender the full amount you owe, including any overdue payments, fees, and costs, before the foreclosure sale occurs.

If you sell your home and cover this reinstatement amount, you can stop the foreclosure process. However, timing is key—make sure any sale is completed before the foreclosure auction date to avoid complications.

Question 4

What Financial Documents Will I Need To Gather To Help My Situation?

Accepted Answer

The specific documents required will depend on the solution you pursue, but preparing a comprehensive set of financial records is essential for understanding your best options. Here are key documents to gather:

Your tax returns,
Your mortgage statements,
Your deed of trust,
Your property taxes,
Your insurance situation,
Income documentation, such as pay stubs,
Profit and loss statements for freelancers or business owners,
Budgets and bank statements,
Credit card payments and bills.

Compiling these documents helps determine the root cause of financial struggles, such as job loss or unexpected expenses, and assesses how far behind you are on mortgage payments. We also look for other pressing financial issues, such as high credit card debt or legal actions like garnishments, to tailor the right solution.

For instance, if you’ve experienced a temporary job loss but have resumed work, a loan modification or Chapter 13 bankruptcy might be recommended to catch up on payments. However, if your mortgage is unsustainable long-term, selling the house could be a more viable solution. Personal preferences play a role as well; for example, some clients wish to downsize or relocate and simply need time to sell their property.

In urgent cases, such as a scheduled foreclosure sale, filing for bankruptcy can sometimes delay proceedings, allowing you the opportunity to sell the house on your terms and potentially secure a better financial outcome than through an auction.

Gathering these documents enables a thorough assessment to identify the best approach tailored to your financial and personal goals.

Question 5

How Long Do I Have To Take Action Before Losing My Home In Maryland?

Accepted Answer

In Maryland, the foreclosure process can move quickly—sometimes in as little as three to four months, and up to six months. A mediation step can add a couple of months if you apply, as it must be completed before the auction.

However, once the home is sold at auction, reversing the process becomes extremely difficult, though there are rare exceptions. The sooner you act, the more options you’ll have. If you’re approaching the final stages, bankruptcy (often Chapter 13) can stop the foreclosure sale in its tracks.

Question 6

How Can An Attorney Help Me If I’m At Risk Of Losing My Home?

Accepted Answer

Speaking with an attorney is essential if you’re facing the threat of losing your home. Unlike other parties involved, an attorney's only goal is to advocate for your best possible outcome. They will evaluate your unique circumstances, outline all available options, and guide you toward the best decision for your situation.

An attorney can also strategically implement the path you choose, whether that involves pursuing bankruptcy to halt foreclosure or navigating a loss mitigation strategy. If a loan modification is feasible, your attorney can handle the application process and negotiations on your behalf.

While some options may be attempted independently, having legal representation can make a significant difference. Attorneys bring experience in precise calculations, presenting comprehensive information to lenders, and communicating effectively with their legal teams. This greatly improves your chances of success, whether you’re exploring loss mitigation strategies or opting for bankruptcy protection.

Question 7

What Does A Foreclosure Or Mortgage Assistance Process Look Like With Our Firm?

Accepted Answer

We understand that facing foreclosure or seeking mortgage assistance is an incredibly stressful time. That’s why we start with a free consultation to ease the burden and ensure you receive the essential information you need to make informed decisions—without any initial commitment.

During this initial consultation, we take the time to:

Understand your current financial situation and what led to it.
Determine whether your challenges are temporary or ongoing.
Assess the affordability of your home.
Evaluate whether it makes sense for you to stay in your home or consider selling it.
Provide tailored recommendations based on feasible options and your specific goals.

We are committed to honesty and transparency. While our primary aim is to support you in reaching your desired outcome, there are situations where it may become clear that keeping your home is not a viable option. Sharing difficult news is never easy, but we believe in delivering the truth rather than fostering false hope. Our role is to clearly outline your rights and options, empowering you to make the best possible choices.

When immediate solutions aren’t available, we explore alternative strategies. This may include suggestions like seeking additional income or having family members contribute by moving in. In some cases, transitioning to a rental property might be a more sustainable choice. These conversations are complex, but our focus is always on supporting you in a practical and compassionate manner.

The foundation of our approach is listening. We want to understand your story—where you’re coming from, what challenges you’ve faced, and what your future might hold. By listening, we can explain your options in plain language and guide you through the complexities of bankruptcy, loan modifications, short sales, or foreclosure procedures.

We know that confronting these processes can be overwhelming, filled with uncertainty and anxiety. The fear of not knowing whether your home could be taken from you tomorrow can leave you feeling panicked and powerless. Our mission is to replace that uncertainty with clarity and actionable insights so you can regain a sense of control over your situation.

If you are facing imminent foreclosure or struggling to keep up with your mortgage, taking the step to schedule an initial consultation can make all the difference. For more information or to get answers to your questions, call us at (443) 492-9003 today.